The Hidden Construction Industry Threat: Cyber Risk

| posted in Blog

Running a construction firm, you are certainly aware of the number of risks that you face every day from worker safety and protecting the worksite to contractual obligations. But, as your back office relies more on technology to keep your business going, there is an emerging risk for the construction industry that you need to stay on top of: the cyber intrusion threat. New machinery increasingly is computerized and wired, and most design, engineering and construction firms are using some form of cloud computing. As you know, by using multi-user platforms, contractors, designers and project owners can use and share…
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Ransomware Becomes Biggest Cyber Threat Facing Businesses

| posted in Blog

Ransomware is turning out to be the biggest cyber threat facing companies in 2017 after attacks more than quadrupled in 2016 from the year prior, according to a new study. If you are not familiar with this fast-evolving cyber threat, typically the perpetrators will essentially lock down your database and/or computer system and make it unusable, then demand that you pay a ransom to unlock the system. The “Beazley Breach Insights Report January 2017” highlights a massive and sustained increase in ransomware attacks. Another report, the “2017 SonicWall Annual Threat Report,” found that cyber criminals are shifting their attention from…
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Ransom Often the Smallest Cost of Ransomware

| posted in Blog

One of the least understood cyber threats to businesses is ransomware, which hackers use to shut down an organization’s computer system until the victim pays a ransom to unlock it. While most organizations focus on the cost of the ransom, which is typically less than $1,000, the costlier damage is to the company’s operations, which can be hampered or completely shut down after their systems are rendered unusable. Ransomware is one of the fastest-growing cyber threats and attacks are expected to grow 300% in 2016 from the year prior, making it vital for your organization to have in place systems…
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The New Threat to Your Officers and Directors: Cyber

| posted in Blog

The top brass at companies are increasingly being held accountable by partners and shareholders for cyber attacks that occur under their watch, putting their directors’ and officers’ personal assets at risk when lawsuits ensue. While actions by officers and directors have always been held under scrutiny, the cyber threat expands their potential liability significantly, according to a new report by Fitch Ratings. And with new regulations that hold organizations accountable for cyber breaches and responsible for remediation, mitigation and recovery from cyber attacks, the onus is even greater now on your directors and officers if they are deemed negligent for…
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How to Avoid Having Your Cyber Claim Denied

| posted in Blog

You no doubt have seen our admonitions about the need for businesses to secure cyber insurance policies that can help defray the costs of an attack on your network or a theft of your employees’ or clients’ personally identifiable information. Businesses are faced with increasing threats and cyber criminals are constantly working to devise new ways to infiltrate organizations’ databases and extract information or find some way to monetize their hacks. Cyber insurance can help your business recover from these events, but as with all insurance, there are risks that are covered and those that aren’t – and you often…
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Study Finds Almost All Businesses Hit by Cyber Attacks

| posted in Blog, Newsletter

A new study has found that the majority of American businesses were victims of cyber attacks in the past year, greatly increasing the security stakes for companies of all sizes. Risk managers are aware of the increasing threat of cyber attack, but despite that, a majority of them said that they are not doing enough to thwart such an event, according to the study by The Hartford Steam Boiler Inspection and Insurance Company. The results are eye-opening and a wake-up call for all companies, especially firms that do not have a risk manager on staff. Worse yet, while in the…
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